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5 Strategies for Tax Planning Now and in Retirement

Getty Images When you contribute to a 401(k) or traditional IRA, you are reducing your taxable income for the year. The money you put into these accounts also grows tax deferred until you withdraw it in retirement. It s not too late to reduce your tax bill for 2020; IRAs are unique in that you have until April 15 of this year to contribute and reduce your taxable income for 2020. Besides the tax benefits you receive now, maxing out your contributions is an important part of increasing your retirement security. You can put away up to $19,500 in your 401(k) in 2020 and up to $6,000 in your IRA (and those limits are the same for 2021 as well).

Nafees Alam Joins FamilyWealth s Pensacola, FL Branch

Nafees Alam Joins FamilyWealth s Pensacola, FL Branch Former Wells Fargo advisor on $150 million advisory team joins FamilyWealth s Pensacola, Florida branch office. News provided by Share this article Share this article DALLAS, Feb. 1, 2021 /PRNewswire/ Leading financial services firm FamilyWealth announces the appointment of Nafees Alam as an Investment Adviser Representative (IAR) under the supervision of the FamilyWealth branch office in Pensacola, Florida. Mr. Alam comes from an extensive background in the Financial Services Industry. Most recently with Wells Fargo Advisors, he served on a team managing $150 million in Assets Under Management. He specialized in planning and investment management strategies to help his clients achieve their financial goals.

Money Management Tips for the COVID Generation

By Tori Guttierez, Cetera Investors There has been a lot of angst over the faltering economy in general, but the “COVID generation” — young adults just hitting the job market or those looking forward to achieving key financial milestones — have been particularly hard-hit by the ongoing coronavirus pandemic. These young workers are facing a tight job market while paying down student debt just as housing prices skyrocket. While it may seem like a less than opportune time to think about savings and financial well-being, there are good reasons for millennials to be proactive. Even amid recent economic volatility, there are ways for millennials to take advantage of greater financial offerings and new opportunities to save. From adaptive budgeting to strategic investing, there are a number of things savvy millennials can do to enter 2021 with confidence.

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